SoundCloud acquires decentralized music platform Nina Protocol months after its shutdown
SoundCloud announced Wednesday that it has acquired Nina Protocol, a decentralized music platform that enabled independent artists to sell music directly to fans while keeping
SoundCloud announced Wednesday that it has acquired Nina Protocol, a decentralized music platform that enabled independent artists to sell music directly to fans while keeping 100% of their revenue. The financial terms of the deal weren’t disclosed. It’s also unclear whether any members of Nina’s team will join SoundCloud. The company has not yet responded to a request for comment. The deal is SoundCloud’s first acquisition since its 2022 purchase of AI music company Musiio to help improve music discovery. The deal signals that SoundCloud is continuing to expand beyond music hosting into a broader platform for independent artists.
As part of the acquisition, SoundCloud will take ownership of Nina’s editorial archive and “genre map.” The company writes in a blog post that this allows it to preserve Nina’s “rich collection of music journalism, artist features, and cultural commentary” and “help surface emerging artists, scenes, and music to even more listeners.” “[Nina Protocol] built an incredible platform by putting independent artists, scenes, and communities first, and our priority is to honor what they’ve created, while carrying that mission forward,” SoundCloud CEO Eliah Seton said in a statement.
”Together, we’ll help more independent artists build deeper relationships with fans, unlock new ways to earn, and access the tools they need to grow sustainable careers on their own terms.” The acquisition comes just months after Nina announced it would shut down its platform on May 28, saying it had been unable to establish a sustainable business model. Founded in 2021 by independent musicians Jack Callahan, Mike Pollard, and Eric Farber, Nina Protocol offered artists a way to operate their own digital storefronts without relying on traditional streaming platforms.
The service was built on the Solana blockchain for fast, low-cost transactions and used Arweave for permanent decentralized storage of music files and metadata. For Nina Protocol artists, SoundCloud is offering a migration tool to transfer their work to its platform. Additionally, artists will receive a complimentary SoundCloud Artist subscription through the end of the year, which includes monetization features and audience growth tools.
The BriefWire